37-19-827. Contract for prearranged funeral plan or related services -- trust requirement -- interest -- exception. (1) Prearranged funeral or related services may be presented, negotiated, and sold to the public only by a licensed mortician.

(2) Except as provided in subsection (5), all money paid pursuant to a contract for a prearranged funeral or related services must be held in trust for the purposes for which the money was furnished until the obligations of a mortuary, a branch establishment, a crematory, a cemetery firm, or a mausoleum-columbarium corporation have been:

(a) fulfilled according to the terms of the contract; or

(b) terminated, by mutual consent of the parties, and the money is refunded to the proper party.

(3) Any interest accrued by money in a trust must be held in the trust and is subject to the terms of the trust agreement and the rules of the board.

(4) The board may require a mortuary, a branch establishment, or a crematory to provide an accounting or audit of the funds held in trust.

(5) Money paid for the purchase of a lot, grave space, mausoleum, crypt, niche, or burial right or part of a lot or grave space is not subject to the trust requirements of this section if title passes to the purchaser at the time that the payment is made.